Trading Edges That Last
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Dow 30 May 23 to May 27 Outlook
Lawrence’s Comment
Y-0 acted as resistance confirming the weaknesses early in the week. Flushed 100% downside expansion and that stopped the drop. A retest of week high happened mid-week and failed to take out Y-0 again. Closed the week below Y-1.
Outlook
A quick rally above B+1 to Y-0 implies the selloff is over on daily timeframe. Year high will be tested quickly following such rally.
A less likely scenario is that B-0 down to B-1 failed to act as support, that will give us a 3rd down leg on daily with a target down to B-2 area.
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